Daily Business Headlines – JULY 27 2023


Nigerian Stocks Drop 0.46% As Interest Rate Hike Dampens Mood

Investors on Wednesday reacted negatively to the marginal hike in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) on Tuesday evening. By the time the Monetary Policy Committee (MPC) was concluded on Tuesday, the financial markets had closed. The apex bank raised the benchmark interest rate by 0.25 per cent to 18.75 per… Read More


SEC To Enable Financing Platform For Players In Commodities Sector

The Securities and Exchange Commissionplans to provide a platform for selected players in the Commodities Trading Ecosystem, the Capital Market and other relevant industry members to engage with mining companies with the intention of discussing opportunities for long-term funding in the Nigerian Capital Market via a workshop… Read More

Lagos Will Maximise Opportunities In Waste-To-Wealth, Sanwo-Olu Assures

Lagos State Governor, Mr. Babajide Sanwo-Olu, has said the State under his administration would fully implement ongoing discussion on circular economy involving turning waste to wealth. Sanwo-Olu highlighted the benefits of the circular economy to Nigeria in general and the entire sub-Saharan Africa, saying Lagos as the economic hub of the… Read More


CBN Limits Transactions On PAPSS By Dealer Banks To $200,000

The Central Bank of Nigeria (CBN) has pegged the amount of dollars to be transacted on the Pan-African Payment and Settlement System (PAPSS), at $200,000 per quarter by authorised dealer bank (ADB) and $20,000 per quarter for a customer. This was disclosed in a circular dated July 25, 2023, and signed by Ozoemena Nnaji, director of… Read More



Reps Reject Motion To Stabilise Exchange Rate, Says Market Forces At Play

House of Representatives has rejected a motion calling on the Federal Government to take steps to stabilize the exchange rate. The House, yesterday’s plenary, voted against the motion sponsored by Beni Lar  on “Need to Stabilize Nigeria’s Foreign Exchange Rate”, as members described the fluctuation of the exchange rate as market forces… Read More

Nigeria’s Debt Service Hit 100% In 2022 –DMO Boss

The Director General, Debt Management Office (DMO), Patience Oniha, has again pushed for policies and actions that will galvanise revenue generation and generally stimulate economic growth. She noted that while Nigeria’s debt to GDP ratio, at below 25 per cent, was among the lowest globally, debt service to revenue ratio in 2022… Read More


Government Hands Over 374 Power Projects To DISCOS

Over $1.2 billion has been spent on key distribution projects in the country as part of measures to improve power supply in the country, Niger Delta Power Holding Company Limited (NDPHC) has said. The fund was spent on over 374 projects under the Nigerian Electricity Supply Industry (NESI). Executive Director in charge of Networks… Read More



Tinubu Pleads For More Time As NLC Issues Strike Notice

President Bola Tinubu, on Wednesday, in Abuja appealed to the organised labour to avail him more time to consider their grievances before embarking on any nationwide strike. This is just as indication emerged that the Federal Government may enforce the court order restraining the organised labour from embarking on a strike over the… Read More


Food Security: FG Raised $500m To Set Up Agro-Industrial Processing Zones, Says Shettima

Vice-President Kashim Shettima says Nigeria has mobilised more than $500 million for innovative, profitable, equitable, and sustainable food system transformation initiatives. Shettima spoke while chairing a high-level meeting at the United Nations Food Systems summit in Rome, on Monday. According to Shettima, the $500 million was… Read More



NITDA Woos Global Tech Bodies For Startup Ecosystem Support

The National Information Technology Development Agency (NITDA) has commenced engagements with international bodies in ensuring that a formidable startup ecosystem is built in the country through resources that are harnessed from global tech giants for the sustenance of the country’s digital economy. In achieving the mandate of… Read More